The US Department of State on Wednesday announced at least P3 billion ($60 million) in foreign assistance funding for the Philippines to support the latter’s energy, maritime, and economic growth programs.
The announcement follows US Secretary of State Marco Rubio’s meeting with President Ferdinand “Bongbong” Marcos Jr. in Washington, D.C., on July 21.
This marks the United States government’s first announcement of new foreign assistance for any country since the Trump administration began its review and realignment of foreign assistance in January.
As part of the at least P3-billion initiative, Rubio also announced that the US Department of State intends to work with the US Congress to allocate P825 million ($15 million) to catalyze private sector development in the Luzon Economic Corridor.
If approved, this funding will support investments in the areas of transport, logistics, energy, and semiconductors that will help create jobs and drive economic growth in the country.
Mr. Marcos’ meetings with Rubio, US President Donald Trump, and US Secretary of Defense Pete Hegseth in Washington, D.C., this week were seen as a reaffirmation of the United States’ “ironclad” commitment to the US-Philippines alliance and advanced closer economic ties between the two nations.
